President Bola Tinubu’s vision to transform Nigeria into a gas-powered economy by 2030 faces a hurdle as private investors grapple with the resources required to participate in this initiative.
To mitigate the resulting challenges for Nigerians, President Tinubu is exploring alternative energy sources, with a focus on transitioning to natural gas. The recent unveiling of the Presidential Compressed Natural Gas Initiative at a stakeholders and investors’ forum outlined Tinubu’s plans, including putting one million gas-powered vehicles on the road by 2027.
Michael Oluwagbemi, the Project Director and CEO of PCNGi, emphasized the Federal Government’s ambitious goal, targeting an annual conversion rate of 250,000 vehicles to natural gas. However, the call for private investment in Compressed Natural Gas (CNG) ventures is met with concerns about the substantial costs involved. To address this, stakeholders suggest government intervention through subsidies to make CNG businesses more accessible for potential investors.
Source: PUNCH